Tax agent banned for tax avoidance scheme

11 June 2020
| By Chris Dastoor |
image
image
expand image

The Tax Practitioners Board (TPB) has terminated the registration of former KPMG partner, Christopher Allenby.

Allenby was banned from practice for three years after he had been associated with a client’s scheme to underpay millions in taxes and penalties.

Following investigations by the Australian Tax Office (ATO) and the TPB, it was found that Allenby was associated with a client’s scheme to avoid $3.1 million in taxes and penalties.

This involved a purported sale of assets, changing the ownership of companies and related discretionary trusts and using complex call options.

Ian Klug, TPB chair, said tax practitioners had to act lawfully and ethically, especially when the majority were working hard to support their clients, which included accessing stimulus measures from the Government.

“We will act firmly against tax agents who engage in evasion or avoidance of taxes,” Klug said.

Klug said Allenby was aware or should have been aware these schemes were in breach of tax and other laws and that failure to undertake appropriate enquiries could amount to incompetence and result in the TPB taking action.

“The community invests trust in tax agents acting with integrity and competence,” Klug said.

“They do not expect advisers to lodge incorrect returns or obstruct the proper administration of the tax system.”  

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

18 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago